Cost of Living in Hancock, IA

With a cost of living index of 65, Hancock, IA is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 7% below the Iowa state average of 71. Hancock is a small community of 232 residents.

Housing costs are the biggest factor in Hancock's cost of living. The median monthly rent is $794 (40% below the US median of $1,319), and the median home value sits at $98,300 (68% below the national median of $304,900). At current prices, the median home costs roughly 1.2x the median household income — well within traditional affordability guidelines.

The median household income in Hancock is $79,375, which is 6% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Hancock. The area sees an average annual temperature of 52.4°F, with summers averaging 76°F and winters around 27°F. Annual rainfall totals 31.9 inches spread over roughly 103 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Omaha, NE-IA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.